B
Bodd
Also, a number of foodstuffs would have to be diverted to border inspection posts – once again costing time and money.
These are known as non-tariff barriers, which modern free trade agreements seek to breakdown in order to facilitate market access. Standards play a large part in this. For example, labelling on cosmetic products sold within the EU must indicate the period after opening for which it is safe to use them.
A study by the Center for Economic and Policy Research finds a WTO scenario would cost the UK “1.77 percent of GBP”, which includes the cost of £22bn for non-tariff barriers.
If the Government can prepare to breakdown non-tariff barriers then WTO rules can be highly profitable, according to the number of studies.
These are known as non-tariff barriers, which modern free trade agreements seek to breakdown in order to facilitate market access. Standards play a large part in this. For example, labelling on cosmetic products sold within the EU must indicate the period after opening for which it is safe to use them.
A study by the Center for Economic and Policy Research finds a WTO scenario would cost the UK “1.77 percent of GBP”, which includes the cost of £22bn for non-tariff barriers.
If the Government can prepare to breakdown non-tariff barriers then WTO rules can be highly profitable, according to the number of studies.